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All divisions doing well DowDuPont CEO

Nov 21, 2018
All divisions doing well DowDuPont CEO

DowDuPont achieved a net sales increase of 10 per cent to $20.1 billion during the current year with gains in all divisions and all regions, from pro forma net sales of $18.3 billion in the year-ago period. Net sales grew double-digits in Asia Pacific and high single digits in all other regions. The volume grew 5 per cent on a pro forma basis from the year-ago period.

DowDuPont achieved cost synergy savings of more than $450 million in the quarter, and since merger close has now delivered more than $1.3 billion of cumulative savings. The Company also delivered a cost synergy run-rate of greater than $2.5 billion in the quarter, exceeding its Year cost synergy run-rate target of 75 percent of the $3.3 billion.

“Our teams generated strong gains in volume, price and operating EBITDA by continuing to execute our growth strategy, capture cost synergies and drive productivity improvements,” said Ed Breen, chief executive officer of DowDuPont. “Organic sales rose 10 per cent, equally driven by volume and local price as customer demand remained strong. We delivered our year-over year cost synergies and we are again raising our target, now to $3.6 billion. We are also reaffirming our full year 2018 EPS guidance provided in August with our second quarter earnings announcement. Each division is performing well, and we remain on track to complete the intended separations, beginning with Materials Science on April 1, followed by Agriculture and Specialty Products on June 1.”

“Global demand for our products remains strong, supported by solid fundamentals, including business investment, manufacturing output, job growth and wage increases,” said Howard Ungerleider, chief financial officer of DowDuPont. “Going forward, we remain well positioned to continue to drive top-line gains from above-GDP demand growth for our products and new product launches, while further delivering productivity and cost synergy savings.”